March 13, 2018

Revenue for the period declined by 13% from $40.11 million for the comparable period in 2016 to $34.81 million year to date. Other operating income increased by 25% to $75.10 million (2016: $60.11 million). Consequently, total income for the period increased by 10% to $109.91 million relative to $100.22 million for the comparable period last year. Total Income declined 73% for the quarter to $12.36 million relative to $46.58 million for the third quarter in 2016.

Total expenses decreased by 22% from $74.98 million in 2016 to $58.35 million in 2016. Of total expenses, administrative expenses slid 67% to close at $16.49 million (2016: $49.78 million), while other operating expenses rose 66% to $41.86 million (2016: $25.20 million). Total expenses for the quarter amounted to $17.15 million, 32% less than last year’s comparable period of $25.18 million.

As such, profit from operations increased significantly by $26.32 million to $51.56 million (2016: $325.24 million) year-to-date. Loss from operations for the quarter totalled $4.79 million versus a profit of $21.40 million for the respective quarter ended December 31, 2016.

Finance costs dropped 98%  from $1.93 million in 2016, to $37,000 for the comparable period in 2017. Profit from continuing operations before other income surged $28.21 million to $51.52 million relative to $23.31 million booked for the comparable period in 2016.

Share Profit from Interest in associate net of tax increased from a $35.13 million to $53.04 million for the nine months ended December 31, 2017. As a result, Profit from continuing operations before tax amounted to $104.56 million, a growth of $46.12 million versus $58.44 million in 2016.

Tax charges of $15.33 million were booked year-to-date, compared to $7.21 million the prior year. Consequently, profit for the nine months amounted $89.23 million relative to $51.23 million for the corresponding period last year. The company however reported a profit of $39.39 million (2016: $19.25 million) for the quarter following share of profit from interest in associate of $53.04 million (2016: nil).

The earnings per share for the nine months period amounted to $0.074 versus $0.042 the prior year’s corresponding period. For the quarter, the earnings per share amounted to $0.0325 versus  $0.0159 in the year prior quarter. The twelve months trailing earnings per share is $0.0416 and the number of shares used in this calculation was 1,211,243,827 units.

Balance Sheet Highlights:

The company, as at December 31, 2017, recorded total assets of $1.77 billion, a decrease of 11% when compared to $1.99 billion recorded last year. The movement was attributed to a 23% decline in Non-current assets which closed at $1.38 billion (2016: $1.81 billion). This was attributed mainly to a $261.86 million decreased in investment properties which closed at $549.24 million (2016: $811.09 million).

Total Stockholders’ Equity as at December 31, 2017 closed at $1.69 billion, a 3% fall from $1.74 billion the prior year. This resulted in a book value of $1.40 compared to the value of $1.43 as at December 31, 2016.

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